Nigerian president orders review of crude oil for gasoline deals

President Muhammadu Buhari has instructed state oil company Nigerian National Petroleum Corporation to review its crude for oil products swap contracts and offshore processing agreements with trading companies that may have cost the country millions of dollars in lost revenue and refined product supply, a government statement said Tuesday.

"The president, in line with his promise of reforms in the oil sector and instill transparency and accountability, has directed the Nigerian National Petroleum Corporation to review existing agreements with oil trading companies on the crude oil swap for petroleum products," presidential spokesman Garba Shehu said in the statement.[Native Advertisement] The president's directive comes amid mounting public criticism of the NNPC for spending a large amount oil revenues even while the government faced tough liquidity squeeze.

Nigeria's security agencies, the state anti-graft agency the Economic and Financial Crimes Commission and the Department of State Security, first launched the probe into the deals in June in the latest government attempt to unravel claims of massive fraud and huge loss of revenues caused by the crude swap for products deals.

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